Credit, Collections & Insolvency News
With the announcement this week that UK interest rates have risen to the highest level since 2009, Cifas, the UK’s leading fraud prevention service, is warning that the rise in living costs could see a sharp rise in consumers and businesses being targeted by criminals. According to the latest Cifas data, fraud is already on…
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Latest Federation of Small Businesses (FSB) research has highlighted Covid’s negative impact on mental health of close to two million entrepreneurs. The FSB’s survey of 1,000 business owners finds that a third (34%) of all small business owners state that their mental health declined over the course of the pandemic. Government figures show that there…
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Independent financial advisory business, Interpath Advisory has announced the appointment of Michael Leeds as Managing Director (MD) in its Contentious Insolvency team. Leeds joins Interpath from Grant Thornton where he was a Partner in the Insolvency and Asset Recovery team. He is an experienced insolvency practitioner and has over 17 years’ experience of working…
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Analysis of Bank of England data by Mazars shows UK households are currently paying £18.3 billion annually in interest payments on floating rate debt that are likely to be immediately impacted by an interest rate rise. Thi includes floating-rate mortgages, credit card debt and other unsecured personal lending. Consumers will be hit by further rises…
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The Financial Conduct Authority (FCA) is warning lenders and brokers to stop using misleading terms in their advertising or face regulatory action. The FCA says that the increased cost of living means that more people may take out loans. Marketing that does not give clear information and warnings about the potential consequences of borrowing puts…
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In April Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 24/SEVEN CONTRACTS (UK) LTD 2TE ISLAND LTD 360 DEGREES MANAGEMENT LTD 3PHASE ELECTRICAL ENGINEERING LTD 999 PLUMBING HEATING & DRAINAGE LTD A J (PLYMOUTH) LTD A J SMITH (TELFORD) LTD A1 SUPA SKIPS LTD ADS REALITY…
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In April the following administration notices have been issued and advertised in the London Gazette for the following companies: 20 – 24 (20-22) LTD 27-33 CAROLINE STREET LLP 35 QR LTD 52 MP LTD 98 LR LTD ABACUS PRINT LTD ACTIVE WEAR LTD ADAPTABLE CONSULTANCY LTD ALDERDALE SEATING LTD ANGLIA RECOVERY LTD APOLLO MEDICAL INFORMATION…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in April: 1 T0 WEAR LTD 1ST GLASS UK WINDOWS AND DOORS LTD 22M LTD 23TSL LTD 2AA REMOVALS LTD 2HANDYSERVICES LTD 3D MEDICAL IMAGING LTD 3F LTD 3UNIQUE LTD 458 CONTRACTS LTD 5 SPICES…
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The Bank of England Monetary Policy Committee has raised rates to 1%, the highest in 13 years. The Bank also warned that the cost of living crisis could push the economy into recession this year. The Bank’s Monetary Policy Committee (MPC) voted to raise the base rate from 0.75% to 1%. Three of the nine-strong…
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Greenlight Credit (trading as Varooma) has entered administration. The short term lender provided customers with finance on logbook loans secured on the customer’s vehicle. Logbook lending allows the lender owns the vehicle until the loan is paid back in full. Martin Charles Armstrong and Andrew Richard Bailey of Turpin Barker Armstrong were appointed as Joint…
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Administrators are working to return savings to members of the North East Warrington Credit Union (NEWCU) after the company has been declared insolvent. The members’ committee of North East Warrington Credit Union (NEWCU) resolved to place the company into administration on 4th May. The Financial Services Compensation Scheme (FSCS) declared the Company in default, which…
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The Bank of England’s Monetary Policy Committee’s vote to increase the base rate to 1% follows the release of ONS figures showing that 16% of microbusinesses are still not currently fully trading (compared to only 3% of big businesses) meaning that small businesses will be hit harder with a ‘cost of doing business.’ Responding the…
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Demand for credit from households is expected to rise this year as cost of living pressures bite, according to the latest EY ITEM Club UK Bank Lending Forecast, which predicts consumer borrowing will grow to a five-year high of 7.9% in 2022 (equivalent to almost £16 billion in net terms). This is a trajectory reversal…
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